News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
« General »
 Countries should tax the money that their citizens make globally
 Personal income tax rate cut can revive economy
 Economic slowdown hits Income Tax collections
 IFSC and tax bills tabled in Parliament on Monday
 How to calculate tax liability on LTCG accrued from selling gold?
 Tax department launches web portal for exchange of information
 HC asks Tax Dept to permit GST assessees to file for transitional credit
 Himachal ready with scheme to settle dues of pre-GST era
 Can laid off employees save tax on their severance pay?
 Can laid off employees save tax on their severance pay?
 Government unlikely to go for income tax cut due to fiscal stress

GST regime: Tax payers allowed to take option of third-party interfaces
October, 05th 2016

Moving a step forward towards the actual implementation of the Goods and Services Tax (GST) regime, GST Network, the company which is entrusted to create the logistical and IT backbone for the new tax regime, on Tuesday allowed taxpayers the option of third-party interfaces.

The step, aimed at providing ease to the taxpayers towards payment of the new indirect tax, invites banks, IT companies and financial technology companies to become GST Suvidha Providers (GSPs) to help the taxpayers from registration of entity to uploading of invoice details to filing of returns.

ReutersReuters
"GSTN, making a remarkable development, on Tuesday announced the final roadmap, process guidelines and implementation framework for IT/ITES/BFSI companies to become GSPs," the company said in a statement here.

It is expected that the GSPs shall provide the tax payers with all services mentioned above in addition to maintaining their individual business ledgers (sales ledger and purchase ledger) and other value added services.
The GST System is going to have a government-to-business portal for taxpayers to access it, however, that would not be the only way for interacting with the GST system as the taxpayer via his choice of third party applications, which will provide all user interfaces and convenience via desktop, mobile, other interfaces, will be able to interact with the GST system.

Thus there will be two sets of interactions, one between the app user and the GSP and the second between the GSP and the GST System. It is envisaged that app provider and GSP could be the same entity. Another version could where data in required format directly goes to GSP-GST Server.

"Tax payer should have a choice to use third party applications which can provide varied interfaces on desktops, laptops and mobiles and can connect with GST System," the statement said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting